Fortive (NYSE:FTV)‘s stock had its “hold” rating reiterated by stock analysts at Royal Bank of Canada in a report issued on Thursday, AnalystRatings.com reports. They currently have a $74.00 target price on the technology company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 5.43% from the company’s current price.
FTV has been the topic of several other reports. Vertical Research upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Friday, June 5th. Citigroup initiated coverage on Fortive in a research note on Monday, April 27th. They issued a “buy” rating and a $70.00 price objective on the stock. Rosenblatt Securities boosted their target price on shares of Fortive from $68.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday. Zacks Investment Research raised Fortive from a “sell” rating to a “hold” rating and set a $71.00 target price on the stock in a research report on Tuesday, June 30th. Finally, Barclays increased their target price on Fortive from $83.00 to $86.00 and gave the stock an “overweight” rating in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $77.38.
FTV stock opened at $70.19 on Thursday. The company has a current ratio of 1.13, a quick ratio of 1.32 and a debt-to-equity ratio of 0.65. The firm has a 50 day simple moving average of $68.55 and a 200-day simple moving average of $65.94. The company has a market capitalization of $24.32 billion, a P/E ratio of 47.43, a PEG ratio of 4.59 and a beta of 1.24. Fortive has a twelve month low of $37.31 and a twelve month high of $80.61.
In related news, SVP Patrick K. Murphy sold 37,882 shares of the firm’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $72.50, for a total value of $2,746,445.00. Following the completion of the transaction, the senior vice president now owns 38,841 shares of the company’s stock, valued at $2,815,972.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Alan G. Spoon purchased 20,000 shares of the stock in a transaction on Wednesday, May 13th. The stock was acquired at an average price of $54.46 per share, for a total transaction of $1,089,200.00. Insiders sold a total of 117,963 shares of company stock worth $7,750,899 in the last 90 days. Company insiders own 12.60% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank raised its holdings in Fortive by 18.3% during the second quarter. Comerica Bank now owns 94,704 shares of the technology company’s stock worth $6,774,000 after buying an additional 14,625 shares during the last quarter. Valmark Advisers Inc. bought a new stake in shares of Fortive during the second quarter worth about $204,000. Ballentine Partners LLC raised its holdings in shares of Fortive by 28.7% in the 2nd quarter. Ballentine Partners LLC now owns 5,789 shares of the technology company’s stock worth $392,000 after acquiring an additional 1,291 shares during the last quarter. Park Avenue Securities LLC bought a new position in Fortive in the 2nd quarter valued at about $271,000. Finally, FARMERS & MERCHANTS TRUST Co OF LONG BEACH boosted its stake in Fortive by 13.4% during the 2nd quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 10,911 shares of the technology company’s stock valued at $739,000 after purchasing an additional 1,288 shares during the last quarter. Institutional investors and hedge funds own 82.54% of the company’s stock.
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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